69
CHAPTER-3
A BIRDS VIEW EYE: SELECTED GENERAL INSURANCE COMPANIES
3.1 AN OVERVIEW OF BAJAJ ALLIANZ GENERAL
INSURANCE COMPANY
3.2 AN OVERVIEW OF CHOLAMANDALAM MS
GENERAL INSURANCE COMPANY
3.3 AN OVERVIEW OF HDFC ERGO GENERAL
INSURANCE COMPANY
3.4 AN OVERVIEW OF NATIONAL GENERAL
INSURANCE COMPANY
3.5 AN OVERVIEW OF ORIENTAL GENERAL
INSURANCE COMPANY
3.6 AN OVERVIEW OF RELIANCE GENERAL
INSURANCE COMPANY
3.7 AN OVERVIEW OF ROYAL SUNDARAM GENERAL
INSURANCE COMPANY
3.8 AN OVERVIEW OF TATA AIG GENERAL
INSURANCE COMPANY
3.9 AN OVERVIEW OF THE NEW INDIA ASSURANCE
GENERAL INSURANCE COMPANY
3.10 AN OVERVIEW OF UNITED INDIA GENERAL
INSURANCE COMPANY
3.11 REFERENCES
70
3.1 AN OVERVIEW OF BAJAJ ALLIANZ GENERAL
INSURANCE COMPANY
COMPANY PROFILE Bajaj Allianz General Insurance Company Limited is a joint
venture between Bajaj Finserv Limited (recently demerged from Bajaj
Auto Limited) and Allianz SE. Both enjoy a reputation of expertise,
stability and strength. Bajaj Allianz General Insurance received the Insurance Regulatory
and Development Authority (IRDA) certificate of Registration on 2nd
May, 2001 to conduct General Insurance business (including Health
Insurance business) in India. The Company has an authorized and paid up
capital of Rs 110 crores. Bajaj Finserv Limited holds 74% and the
remaining 26% is held by Allianz, SE.
As on 31st March 2010, Bajaj Allianz General Insurance
maintained its premier position in the industry by achieving growth as well
as profitability. Bajaj Allianz has made a profit before tax of Rs. 180
crores and has become the only private insurer to cross the Rs.100 crore
mark in profit before tax in the last four years. The profit after tax was Rs.
121 crores, 27% higher than the previous year.
Bajaj Allianz today has a countrywide network connected through
the latest technology for quick communication and response in over 200
towns spread across the length and breadth of the country. From Surat to
Siliguri and Jammu to Thiruvananthapuram, all the offices are
interconnected with the Head Office at Pune.
Shareholders & Promoters Bajaj Finserv Limited Bajaj Finserv Limited has been recently
demerged from Bajaj Auto Limited which is the largest manufacturer of
two and three-wheelers in India. As a promoter of Bajaj Allianz General
Insurance Company Ltd., Bajaj Finserv Ltd; has the following to offer:-
Vast distribution network through its group companies.
Knowledge of Indian consumers.
Financial strength and stability to support the insurance business.
Visit Bajaj Allianz Life Insurance Website www.bajajallianz.com
71
Visit Bajaj Finserv Website:
http://www.bajajauto.com /BFL_V2/index.html Allianz SE, Germany Allianz
SE is in the business of General (Property & Casualty) Insurance; Life &
Health Insurance and Asset Management and has been in operation for over
110 years. Allianz is one of the largest global composite insurers with
operations in over 70 countries. Further, the Group provides Risk Management
and Loss Prevention Services. Allianz has insured most of the world's largest
infrastructure projects (including Hong Kong Airport and Channel Tunnel
between UK and France), further Allianz insures majority of the fortune 500
companies. Besides being a large industrial insurer, Allianz has a substantial
portfolio in the commercial and personal lines sector, using a wide variety of
innovative distribution channels.
Allianz SE has the following to offer Bajaj Allianz General Insurance
Company Ltd:-
Set up and running of General insurance operations
New and improved international products
One of the world's leading insurance companies
More than 700 subsidiaries and 2 lac employees in over 70 countries
worldwide
Provides insurance to almost half the Fortune 500 companies
Technology
Other similar businesses The promoters have also incorporated a Life
insurance Company in India, called Bajaj Allianz Life Insurance Company
Limited to provide life insurance solutions.
Visit Bajaj Allianz Life Insurance Website www.bajajallianz.com
IRDA REGISTRATION IRDA Registration No.113 dated 2nd May, 2001
LOGO OF BAJAJ ALLIANZ GENERAL INSURANCE
COMPANY
72
MISSION As a responsible, customer focused market leader, we will strive to
understand the insurance needs of the consumers and translate it into
affordable products that deliver value for money.
A Partnership Based on Synergy Bajaj Allianz General Insurance
offers technical excellence in all areas of General and Health Insurance as
well as Risk Management. This partnership successfully combines Bajaj
Finserv's in-depth understanding of the local market and extensive
distribution network with the global experience and technical expertise of
the Allianz Group. As a registered Indian Insurance Company and a capital
base of Rs. 110 crores, the company is fully licensed to underwrite all lines
of general insurance business including health insurance.
VISION To be the first choice insurer for customers
To be the preferred employer for staff in the insurance industry
To be the number one insurer for creating shareholder value
OUR ACHIEVEMENTS Bajaj Allianz has received iAAA rating, from ICRA Limited, an
associate of Moody's Investors Service, for Claims Paying ability. This
rating indicates highest claims paying ability and a fundamentally
strong position.
Bajaj Allianz General Insurance has received the prestigious "Business
Leader in General Insurance", award by NDTV Profit Business
Leadership Awards 2008. The company was one of the top three
finalists for the year 2007 and 2008 in the General Insurance Company
of the Year award by Asia Insurance Review.
BOARD OF DIRECTORS
73
Rahul Bajaj, Chairman
Also Chairman, Bajaj
Auto Ltd.
Bajaj Finserv Ltd.
Bajaj Holdings &
Investments Ltd.
Ranjit Gupta, Director
Also President (Insurance),
Bajaj Finserv Ltd.
Dipak Poddar,
Director
Also Executive
Chairman,
Poddar Developers Ltd.
S. H. Khan, Director
Also Former Chairman,
IDBI Ltd.
V. Jeyaraman, Chief Financial
Officer
Niraj Bajaj, Director
Also Chairman & MD,
Mukund Ltd.
Manuel Bauer,
Director
Also Member of the
Board of
Management, Growth
Markets,
Allianz SE
Sanjay Asher, Director
Also Partner,
Crawford Bayley & Co.
Manu Tandon,
Director
Also Former MD,
Elantas Beck India Ltd.
Dr. (Mrs.) Asha Joshi,
Appointed Actuary
Onkar Kothari, Company
Secretary & Compliance
Officer
Statutory Auditors, Dalal &
Shah and Kirtane & Pandit
Bankers- Axis Bank, Citibank,
Deutsche Bank, HDFC Bank,
Standard Chartered Bank
74
ABOUT INSURANCE PLANS
1. MOTOR INSURANCE
You rely on your vehicle for complete freedom of movement. You
love taking long drives and commuting to office with the radio on.
Your vehicle is one of your most important possessions. Give it the
care and protection it deserves with Bajaj Allianz motor insurance.
Car insurance or two-wheeler insurance by Bajaj Allianz provides
unmatched care and protection for your motoring experience.
Whether it is cashless settlement in preferred workshops or 24x7
claims support, our insurance plan for your car and two-wheeler has
been designed with hassle-free claim settlement experience in mind.
Sanjiv Bajaj, Director
Also MD, Bajaj Finserv
Ltd.
Bajaj Holdings &
Investment Ltd.
David Fried, Director
(w.e.f 12th May 2012)
Chief Executive Officer, Asia
Pacific Allianz SE Insurance
Management Asia Pacific
Tapan Singhel
st(w.e.f. 1 April 2012)
Managing Director &
CEO
Bajaj Allianz General
Insurance Company Ltd
Suraj Mehta, Director
Also Former CEO,
Nabil Bank Ltd.
75
2. TRAVEL INUSRANCE
1. INDIVIDUAL TRAVEL INSURANCE
Travelling abroad to a foreign land alone entails a lot of risk.
Medical emergencies, losses, and delays can be expensive and cause
great inconvenience to you. Are you covered?
2. FAMILY TRAVEL INSURANCE
A hundred things can go wrong when you travel. Something
that’s an inconvenience at home can ruin your holiday when you’re
abroad. Is your family covered?
3. SENIOR CITIZEN TRAVEL INSURANCE
Taking a holiday abroad in your golden years is a dream for
many. But little inconveniences and medical problems can sully your
enjoyment unless you’ve got someone to take care of them for you.
Are you covered?
4. STUDENT TRAVEL INSURANCE
When you go to study abroad, you want a solid support system
to care of any troubles for you. Are you covered?
3. HOME INSURNACE
As a homeowner, you invest a lot of time, money and care into
making your home look beautiful for the festival. But don't stop there -
give your home the best possible protection from unforeseen incidents
with Bajaj Allianz Home Insurance plans.
At Bajaj Allianz, we understand that whatever be the market
value of your house, your home is invaluable. That's why we bring you
76
a comprehensive home insurance cover, which will protect not only
your home, but also the belongings inside it.
Fire can cause huge damages, which can affect your finances.
This section covers loss or damage to the premises (if specifically
declared and insured) and contents whilst contained in the premises due to
the following perils:
Fire
Lightning
Explosion/ Implosion
Aircraft Damage
Riots, Strike and Malicious Damage
Storm, Cyclone, Typhoon, Tempest, Hurricane, Tornado, Flood and
Inundation
Impact Damage
Subsidence and Landslide including Rockslide
Bursting and/ or overflowing of Water Tanks, Apparatus and Pipes
Missile Testing Operations
Leakage from Automatic Sprinkler Installations
Bush Fire
Earthquake (Fire and Shock)
The sum insured (value denoted for insurance) can be either on:
REINSTATEMENT VALUE basis (Which is the value for replacing the
item with a new item of same type and make). At the time of loss the claim
will be settled without applying depreciation. In effect you will be getting
new for old of breakdown under this policy possibility of losing your
baggage during your travel.
OR
MARKET VALUE basis (Which is the reinstatement value less depreciation
depending on the age of the item). At the time of loss, the claim will be
settled after applying depreciation.
NOTE:
77
The electronic equipments/TV etc. which you wish to cover under the
respective section need not to be insured under this section but can be
covered under Theft All Risks, electronic section
Exclusion:
5% of the claim amount for every claim arising out of Act of God perils.
Damage due to terrorist activities.
Terrorism Cover Extension can be opted by paying extra premium
Section 2 - Burglary and Theft
Section 3 - Jewellery and Precious Items
Section 4 - Breakdown of Domestic Appliances
Section 5 - Electronic Equipment
Section 6 - Baggage
Section 7 - Plate Glass
Section 8 - Pedal Cycles
Section 9 - Personal Accident Insurance
Section 10 - Personal Liability/Workmens Compensation
Group Discounts
The following discounts can be given in the premium if you opt for more sections
5/6 sections - 15% on all sections except Section 1
7 or more - 20% on all sections except Section 1
4. HEALTH INSURANCE
1. INDIVIDUAL HEALTH GUARD
78
Our Health Guard policy takes care of your hospitalization expenses & also
offers a wide coverage of pre & post hospitalization expenses.
2. FAMILY FLOTER HEALTH GUARD
A perfect Health protection plan for you and your family. Covers pre and
post hospitalization expenses and also ambulance charges in case of an
emergency.
3. SILVER HEALTH GUARD
Bajaj Allianz's Silver Health Plan for senior citizens protects you and your
spouse in case you need expensive medical care.
4. EXTRA CARE
A unique health insurance plan that allows you to extend your existing health
insurance cover.
PAYMENTS OF PREMIUM Payment of premium will be selected as per insurance plan. You can
pay premium by cash, by credit card/debit card or online also.
AWARDS General Insurance Company of the Year 2013
The Indian Insurance Awards 2013 was conducted by Fintelekt,
part of SP Media Pvt Ltd, a specialist in research, consulting and
conferences in the financial services industry.
79
Claims Service Company of the Year 2013
The Indian Insurance Awards 2013 was conducted by Fintelekt,
part of SP Media Pvt Ltd, a specialist in research, consulting and
conferences in the financial services industry.
Personal Lines Growth Leadership Award Year 2013
The Indian Insurance Awards 2013 was conducted by Fintelekt,
Part if SP Media Pvt Ltd, a specialist in research, consulting and
Conferences in the financial services industry.
General Insurance Provider of the Year
General Insurance Provider of the Year at the Money Today
FPCIL Awards 2012
80
Best General Insurance Provider- Private Sector
Best General Insurance Provider- Private Sector at the CNBC
TV18 India Best Bank and Financial Institution Award FY 11 and
12.
Bloomberg UTV Financial Leadership Award 2012
General Insurer of the Year-Private Sector by Bloomberg UTV
Financial Leadership Awards 2012.
81
Best Bank and Financial Institutions Award
Best Leading Player- Non Life by CNBC TV18 IBFA Best Bank
and Financial Institutions awards FY11.
Bloomberg UTV Financial Leadership Award 2011
General Insurer of the Year-Private Sector by Bloomberg UTV
Financial Leadership Awards 2011
Best Contribution on Investor Education & Category
Enhancement
Best Contribution on Investor Education and Category
Enhancement by Bloomberg UTV Financial Leadership Awards
2011.
82
Best Travel Insurer awarded by CNBC 2011
Best Travel Insurer awarded by CNBC Awaaz Travel Award
2011
Best Travel Insurer awarded by CNBC 2010
Best Travel Insurer awarded by CNBC Awaaz Travel Award
2010
Business Leader in General Insurance
Business Leader in General Insurance at the NDTV Profit
Business Leadership Awards 2008
Customer Responsiveness Award by Avaya Global Connect, 2007
Customer Responsiveness Award by Avaya Global Connect, 2007
Best Insurer - General Insurance by India Insurance Review, 2011
Best Insurer- General Insurance by India Insurance Review, 2011
Top 3 finalists - General Insurance company of the year, 2008
Top 3 finalists - General Insurance company of the year, 2008
Top 3 finalists - General Insurance company of the year, 2007
Top 3 finalists - General Insurance company of the year, 2007
83
Claims Department has received the ISO 9001:2008 certification
Bajaj Allianz General Insurance Claims Department has received
the ISO 9001:2008 certification
IT Department has received the ISO 27001:2005 certification by
DNV
Bajaj Allianz General Insurance IT Department has received the
ISO 27001:2005 by DNV
CONTACT US
HEAD OFFICE
BAJAJ ALLIANZ GENERAL INSURANCE COMPANY
GE PLAZA, AIRPORT ROAD, YERAWADA, PUNE-411 006
Customer care
Any Landline/Mobile- 1800- 209- 5858
MTNL/ BSNL- 1800- 22- 5858
BHARTI- 1800- 102- 5858
OTHER- 020-30305858
E-mail: [email protected]
TOLL FREE NUMBER
For online policy issuance/ renewal
84
CALL NOW
Tel. : 1800-233-3355
Email:[email protected]
Standard STD Rates Apply:
Tel. : (+91 020) 66026666
Fax: (+91 020) 66026667
85
3.2 AN OVERVIEW OF CHOLAMANDALAM MS
GENERAL INSURANCE COMPANY
COMPANY PROFILE
Our business begins with you. You are the force that propels us ahead.
And we believe that you are not just a part of our business, but the reason
for our existence.
We go beyond being just an insurance company. We see ourselves as
partners who deliver peace of mind by protecting the world you live in.
We strive to strengthen the Trust you have on us by offering complete
Transparency through simple products that have no hidden clauses and
are easy to understand. And we also provide seamless service that's
enabled by Technology. Welcome to the world of Chola MS.
Headquartered in Chennai, we are a 10-year young entity with a team of
2,500 like-minded people. The company has positioned itself on the
customer centric platform. In agreement with our vision to be the most
preferred general insurance company in India, we have built our brand
philosophy around the core values of Trust, Transparency and Technology
(T3). Our commitment towards you is evident in our innovative and simple
products, high operational efficiency, and empathetic & quick claims
settlement. Over the years, we have grown in size and stature.
In 2011-2012, we recorded a Gross Written Premium of
RS.1,346.5 crores. Having posted a remarkable growth of 39%, we have
been one of the fastest growing general insurance companies in the
insurance industry with a network of over 90 branches across the country
and 7,000 agents. The Agency distribution channel is complemented by
various strategic and long-term partnerships with Banks, Auto OEM's and
Auto Finance Companies among others. At Chola MS, we respect your
choice and offer you a variety of products to suit your needs. For the
individuals, we offer products like Motor Insurance, Health Insurance,
Travel Insurance, Personal Accident & Home Insurance. For the SME's
and Corporate Clients, we provide customized solutions encompassing
86
insurance as well as Risk Consulting Services in Engineering, Liability,
Marine, Property and Miscellaneous. Besides, our Risk Consulting arm
Chola MS Risk Services provides Risk Identification, Assessment and
Control through Risk Management & Engineering Solutions in the field of
Safety, Health, Environment and Insurance Support. Now our Risk
Management helps in identifying and quantifying the risks, initiating
appropriate risk mitigation measures. And our insurance acts as a risk
transfer and risk mitigation tool. Altogether, with Chola MS you get the
edge with Total Risk Solutions.
We work hand-in-hand with our clients to handle any future
uncertainties and enhance business performance through effective risk
management techniques. Established in 1994, Chola MS Risk Services
offers comprehensive Risk Management & Engineering solutions in the
fields of Safety, Health, Environment and Insurance Support.
Chola MS Risk Services is a joint venture between the Murugappa
Group, India and Mitsui Sumitomo Insurance Group, Japan. We also have
a technical collaboration with Asia's largest risk management company -
InterRisk, a group company of Mitsui Sumitomo Insurance Group. For the
last 16 years, we have pioneered numerous innovative and specialized
services catering to the needs of Asian & European markets. That apart,
we have also emerged as the market leader in Asia. We successfully
executed more than 2,000 projects (Domestic & International), which not
only helped organizations maintain compliance but also optimize their
SHE performance and set new benchmarks. An ISO 9001:2008 certified
company; Chola MS Risk Services was also declared "Risk Manager of
the Year" in the 11th Asian Insurance Industry Awards.
IRDA REGISTRATION IRDA Registration No.123 and dated 15.07.2002.
LOGO OF CHOLAMANDALAM MS GENERAL
INSURANCE COMPANY
87
OBJECTIVE
Right Promise, Right Delivery As a customer centric organization, our company stands firm on our
brand philosophy: Trust, Transparency and Technology.
Trust We believe that trust is the one common thread that binds us, our
agents and you. And we give our best to uphold your trust in every step.
Firstly, we have earned the reputation of being good listeners. We lend our
ears to all your needs and based on that, we suggest the right product for
you. Secondly, we ensure our relationship isn't just about explaining the
product or issuing a policy to settle the claim. In other words, we maintain
a relationship of trust beyond the policy period, and that is for life. Transparency
We maintain utmost transparency to give you the complete picture of
our products. By using simple words instead of jargons and by explaining
every feature in detail; we make sure you understand the process from end-
to-end. That apart, clear documentation and mentioning of exclusions
leaves very less chance for any confusion. In simple words, you get what
you see. Technology
Through technology enabled channels like website and 24x7 call
center services, reaching us is now effortless and time saving. We've
invested in the right technology to make processes simple and deliver a
great customer experience. Backed by an enterprise-wide IT infrastructure,
it makes business with us easy.
88
MISSION
To bring peace of mind to our clients by protecting them from financial risks.
VISION
To be the most respected company amongst General Insurers in India for our value creation to customers and shareholders.
GOAL
Grow GWP to RS2,000 crores and Operating PBT to RS150 crores by 2012-2014.
BOARD OF DIRECTORS
Mr. S B Mathur
Chairman
Is a Chartered Accountant, Part 1 & 2 of ICWA (London) Has over 40 years of experience in the insurance industry Has served as the Secretary General of Life Insurance Council Has served as an Administrator in Specified Undertaking of the Unit
Trust of India (SUUTI) Has served as a Chairman of LIC Is a board member of various companies including ITC Limited,
IL&FS Limited, Ultratech Cement Limited, Axis Bank Limited, NSE, Havells India Limited, India Mortgage Guarantee Corporation Private Limited etc.
89
Mr.RBeri Director
Holds a honours degree in Arts- History and is a MBA from Birla Institute of Technology & Science, Pilani
Has over 35 years of experience in general insurance Served as Insurance Ombudsman for Delhi and Rajasthan Was Chairman cum Managing Director of The New India Assurance
Company Limited Had been the Chairman of National Insurance Academy, Insurance
institute of India etc. Has held Directorships in GIC, GIC Housing Finance, TAC, etc.
Mr. Pradeep Vasudeo Bhide Director
Mr. Pradeep V Bhide was a member of the Indian Administrative Service belonging to the Andhra Pradesh Cadre and of 1973 batch
Holds a Bachelors degree in Science and Law and holds a Masters degree in Business Administration with specialization in Financial Management
Was the Secretary, Department of Disinvestment, Ministry of Finance, Government of India and has also served as Additional/Special Secretary in the Ministry of Home Affairs, Govt of India
Was deputed by Government of India to the World Bank, Washington DC as Technical adviser to India's Executive Director
Was the Chairman cum Managing Director in APCO and Godavari Fertilisers & Chemicals Ltd
Is a Board Member of various companies viz., Tube Investments of India Ltd, L&T Finance Ltd, Ballarpur Industries Ltd,
90
GlaxoSmithkline Pharmaceuticals Ltd, Heidelberg Cement India Ltd, NOCIL Ltd, A.P.I.D.C Venture Capital Private Ltd etc.
Mr.NSrinivasan Director
Is a Chartered Accountant and Company Secretary Is the Group Director – Finance, of the Murugappa Group Has over 28 years experience in the areas of Corporate Finance, Legal,
Projects and General Management. Is a Board member of Tube Investments of India Limited, Murugappa
Holdings Limited and is the Vice Chairman of Cholamandalam Investment and Finance Co. Limited.
Mr. Katsuhiko Kaneyoshi Director
Graduated in Law from Senshu University, Japan Working in Mitsui Sumitomo Insurance Co. Limited, Japan since 1976 Has over 35 years of experience in general insurance
91
Mr. S S Gopalarathnam Managing Director
Holds a Bachelors degree in Commerce and is a fellow member of the Institute of Cost & Works Accountants of India and has done an advanced management program in Harvard University
Has been associated with the Murugappa Group since 1979 in various capacities
Spent 21 years in Tube Investments of India Limited in various roles like Finance, Exports and Business operations
Was Head of Corporate & strategic planning at the Murugappa Group for 1 1/2 years years
Mr. Tsuyoshi Yamane Whole time Director
Is a Bachelor of Commerce from Keio University, Japan Working in Mitsui Sumitomo Insurance Co. Limited, Japan since 1983
and has over 27 years of experience in general insurance
Management Team
The energetic and vibrant family of 700 Chola MS employees across the country are responsible for the smooth and successful running of the organization.
This dynamic team is spearheaded by Mr. S. S. Gopalarathnam, Managing Director and his distinguished team.
Tsuyoshi Yamane - Whole time Director
Vedanarayanan Seshadri - Chief Marketing Officer
92
V. Suryanarayanan - Senior Vice President (Finance)
Sundar. V - Senior Vice President (IT & Operations)
R. Suresh Senior Vice President - (Claims)
Jeganathan A - Senior Vice President (Underwriting & Reinsurance)
A. Prabhakaran - Vice President (Operations)
Sanjiv Kumar Mathur - Vice President (Sales & Distribution)
Together, we strive - in search of newer heights and greater accomplishments.
ABOUT INSURANCE PLANS
Individual
Health Insurance
Individual Healthline Family Healthline
Car Insurance
Private Car Chola Protect
Travel Insurance
Business / Leisure Travel Student Travel
Home Insurance
Home Protect
Personal Accident
Chola Accident Protection Plan
Corporate
Health Insurance Fire Insurance Engineering Projects Engineering Operations Property Crime Insurance
93
Marine Insurance Liability Insurance
Protect your agriculture business in the best manner possible by opting
for Rural Insurance from Chola MS.
India's heart beats in the rural segment where over 70% of our
population lives and toils to enrich our country. We at Chola MS look at rural
insurance as more than a mere social responsibility, and have worked to offer
protection covers custom-designed to suit the needs of rural India.
Some of our products for the rural segment are hereunder.
Health Insurance - We offer affordable and customized family floater
health insurance cover to rural population of the country through various
channels like MFIs, NGOs and also organizations involved in Financial
Inclusions
We are also actively involved in Rashtriya Swasthya Bima Yojana
(RSBY) scheme, Central-State Govt's joint social healthcare scheme for
providing Health Insurance for BPL families across the country, wherein
more than 32 Lakh families which are below poverty line (BPL) across
various states like Gujarat, Maharashtra, Jharkhand, Bihar and West
Bengal have been covered and benefited.
Personal Accident Insurance - Personal Accident Insurance covering
Death, Permanent and Partial Total Disability along with hospitalization
cash benefits to cover the rural populace
Critical illness Insurance - To cater to the treatment cost/financial
sustainability in case of listed critical illness is contracted
Tractor / Commercial Vehicle / Motor / Farm Inputs Insurance - A
product specifically designed for catering to rural requirement
Micro Insurance - We work with various Micro Finance organizations
working in the hinterland collaborating with SHGs (Self Help Groups)
who provide insurance advisory services to the rural customers at their
doorstep
Combined / Composite Product Insurance - A package policy offering a
one stop solution for various protections needs of rural families which
94
includes Health Insurance, Accidental Insurance, Dwelling Insurance etc.
is offered under a single policy
Weather / Input Based Crop against Act Of God perils - We are
empanelled by the Government of India for WBCIS Scheme for Non
Loanee farmers being implemented in various states
Cattle Insurance - An insurance policy to provide insurance to cattle-
breeding community of rural India to cover their milch-Cows / Buffaloes,
Calves / Heifers, Stud Bulls & Bullocks etc; thus providing their prime
livelihood source a financial protection in case of death or disability
caused to cattle due to accident or disease.
We work with the following institutions to offer rural insurance products.
Ministry of Labour, Govt of India
Confederation of National Rural NGO's of India
CIL's Manogromor Centers in A.P, Maharashtra, T.N.
EID Parry to provide insurance to growers and workers
Cholamandalam Investment & Finance Company Limited
IndusInd Bank Limited - Vehicle Finance Division
Mahindra Insurance Brokers Limited
Dharmapuri District Central Co-operative Bank
Salem District Central Co-operative Bank
Rural Co-operative Banks
Department of Agriculture, Govt. of Tamil Nadu
Department of Agriculture, Govt. of Karnataka
Department of Health & Family Welfare, Govt. of Gujarat
Department of Labour, Employment & Training, Govt. of Jharkhand
Department of Labour Resources, Govt. of Bihar
Department of Labour , Govt. of Maharashtra
Department of Labour, Govt. of West Bengal
Central Bank of India
Chola Aarogya Bima Policy
95
Introducing Chola Aarogya Bima Health Insurance Plan, an
affordable Health insurance policy, which is exclusively meant for
customers of Central Bank of India. It offers protection for the Insured's
family (Self, spouse and up to 3 dependent children) against unfortunate
hospital expenses with a family floater Sum insured.
AWARDS
96
CONTACT US
Registered Address Cholamandalam MS, General Insurance Company Ltd, 2nd Floor, "Dare House", No.2, NSC Bose Road, Chennai - 600001, India. Phone: 044-3044 5400 Fax no: 044-3044 5550 Customers from abroad can call at: +91 44 3098 5300.
97
3.3 AN OVERVIEW OF HDFC ERGO GENERAL
INSURANCE COMPANY
COMPANY PROFILE
HDFC ERGO General Insurance Company Limited is a 74:26 joint
venture between HDFC Limited, India’s premier Housing Finance
Institution and ERGO International AG, the primary insurance entity of
Munich Re Group. HDFC ERGO offers complete range of general
insurance products ranging from Motor, Health, Travel, Home and
Personal Accident in the retail space and customized products like
Property, Marine and Liability Insurance in the corporate space.
HDFC ERGO focuses on providing the “Right Insurance
Solutions” for all. We offer our customers complete range of general
insurance products ranging from Motor, Health, Travel, Home and
Personal Accident in the retail space and customized products like
Property, Marine and Liability Insurance in the corporate space.
It is our constant endeavor to improvise and cater to every need of
the modern day customer with superior customer support service. This
helps us give our customers a seamless and hassle-free experience.
HDFC ERGO is the 4th largest private sector general insurance
company in India. HDFC ERGO has been expanding its presence across
the country and is today present across 71 cities with 81 branch offices
with an employee base more than 1400 professionals. The company has a
wide distribution network comprising of brokers, retail and corporate
agents, bancassurance besides its own direct sales force. HDFC ERGO has
been assigned the rating of ‘iAAA’ by ICRA indicating its highest claim
paying ability. The company also has ISO certification for its claim
services, policy issuance & customer servicing.
IRDA REGISTRATION IRDA Registration No. 125 dated 27.08.2002.
98
LOGO OF HDFC ERGO GENERAL INSURANCE
COMPANY
MISSION
Sensitivity
We will build our business on empathy and an inherent understanding of
both our internal and external customers’ needs.
Excellence
We will always strive to offer innovative products and services and endeavour to
set new benchmarks to do things better each time.
Ethics
We will honour our commitments and be transparent in our dealings with
all our stakeholders.
Dynamism
We will be pro-active with a "can do" approach.
To make our vision a reality, we are committed to sow the SEED of our values and nurture it daily. Our ethical approach and high levels of integrity enable us to 'continue the tradition of trust' we have inherited from our parent company HDFC Ltd.
We ensure that it reflects in every task we perform, every decision we take. It helps us to work as a team towards creating and sustaining value for all our stakeholders, namely Customers, Business Partners, Re-insurers, Share-holders and most importantly, Employees
99
VALUE One single thing that takes us closer to our vision is our set of values -
(SEED) Sensitivity, Excellence, Ethics and Dynamism.
VISION
BOARD OF DIRECTORS
Chairman
Mr. Deepak S. Parekh
Mr. Deepak S. Parekh is the Chairman of the Company. He is a fellow of the Institute of Chartered Accountants (England & Wales). Mr. Parekh is also the Chairman of Housing Development Finance Corporation Limited (HDFC), India’s premier Housing Finance Company. He joined HDFC in a senior management position in 1978. He was inducted as a full-time Director of HDFC in 1985 and was appointed as its Managing Director (designated as 'Chairman') in 1993 and continued to be appointed as such from to time.
He retired as the Managing Director of HDFC with effect from the close of business hours on December 31, 2009.
100
Mr. Ritesh Kumar
Mr. Keki M Mistry
Ms. Renu Sub Karnad
Mr. Andreas Kleiner
Dr. Jagdish Khattar
101
Mr. Bernhard Steinruecke
Mr. Mark Lammerskitten
(w.e.f July 1, 2010)
ABOUT INSURANCE PLANS
1. HOME INSURANCE 2. HEALTH INSURANCE 3. MOTOR INSURANCE 4. TRAVEL INSURANCE 5. PERSONNAL ACCIDENT 6. COMMERCIAL INSURANCE 7. RURAL INSURANCE
PAYMENTS OF PREMIUM
102
Payment of premium will be selected as per insurance plan. You can
pay premium by cash, by credit card/debit card or online also.
AWARDS
iAAA rating by ICRA
The Company has been rated iAAA by ICRA (an associate of Mooby’s
Investors Service) indicating highest claim paying ability. This rating
denotes company’s fundamentally strong position and prospect of
meeting policyholder obligations as the best. The rating takes into
account the company’s strong parentage, its leadership position
amongst the private sector general insurers in the country, balanced
and diversified portfolio, prudent underwriting practice and
reinsurance strategy.
ISO Certification
HDFC ERGO has been awarded the ISO 9001:2008 certification for
their processes relating to the below functions:
1) Operations & Services
2) Customer Experience Management
3) Claims Management
This certification validates HDFC ERGO’s conformity with
internationally established standards for quality systems and assurance
103
in Operations, Claim processing and Customer Service. The
certification is a validation of the controls that have been built in place
to ensure that the needs and expectations of customers are met. This
certification ensures that the Company's products and services are the
most compliant with the existing market standards and requirements.
The ISO certification for the above defined functions have been
provided for the below defined scope:
a) Customer Experience Management – Services related to
Resolution of Customer Queries and Complaints through Call Centre
and Related Processes
Processes covered under the CEM certification include:
1) Inbound call center & Email management
2) Quality & Training
3) Grievance Management
b) Claims – Providing Services Pertaining to Claims Lodged by our
Customers for our General Insurance Products through In House
Health Claims Services, Network of Surveyors, Third Party
Administrators and other Agencies
Processes covered under the Claims certification include:
1) Motor OD & TP Claims management
2) Management of claims for Retail, Corporate, Travel, Fire Marine &
Engineering
3) Health Claims Services
c) Operations & Services –
Policy Issuance and Servicing of our General Insurance Products for
Retail and Corporate clients and Facilities Management including
Procurement and Administration
104
Processes covered under the O&S certification include: 1) All central
O&S operations, including policy & endorsement issuance for Retail,
Corporate, Banc assurance, Rural Line Operations
2) Logistics Control Unit
3) Branch Operations function including inwarding, premium cheque
management, walk-in customer management, cover note management,
policy / endorsement issuance
4) Banking Operations
5) Admin & Procurement including facilities management and branch
administration
The locations covered under the certification included the below:
1) Corporate Office, Mumbai
2) Local branches
a) Lower Parel, Mumbai
b) Borivali, Mumbai
c) Chennai, Mylapore
d) Chennai, Tynampet
e) Bangalore
f) Connaught Place, New Delhi
g) Nehru Place, New Delhi
The ISO certification has been provided considering the internal
processes of the organization are in line with the standards required to
provide customer satisfaction. It is also an acknowledgement of the
standardization and uniformity of processes being followed across all
branches & locations.
105
ICAI Awards for Excellence in Financial Reporting
HDFC ERGO has been awarded with ICAI Awards for Excellence in
Financial Reporting by Institute of Chartered Accountants of India
(ICAI) under the Category IV – Insurance Sector. The award has been
given on the basis of degree of compliance with the accounting
standards, statutory guidelines and other relevant pronouncements. The
panel of judges had reviewed the accounting practices adopted by the
participating enterprises in the preparation of financial statements and
the policies adopted for disclosure and presentation of financial
statements and other information in the annual reports without regard
to their financial condition and operating performance.
Best Investor Education & Category Enhancement – Insurance by
UTV Bloomberg - Financial Leadership Awards 2012
HDFC ERGO is declared as a winner under "Best Investor Education
& Category Enhancement – Insurance" category by UTV Bloomberg -
Financial Leadership Awards 2012.
The short listing for award in this category was decided based on new
innovative products offered to the policyholders, initiatives taken on
educating the existing and prospective policyholder, ease of navigation
106
on the website, efficient claim support, complaint resolution rate and
the number of complaints received in relation to the market share of
the company. The final call on the winner has been taken by the
external Jury. It is a single award across life and general insurance
companies.
Best Employer Brand Award by IPE BFSI
This award is presented to those who have surpassed levels of
excellence and set an example of being a Role Model & Exemplary
Leader in Human Resources. The objective at core is benchmarking
talent & HR practices.
HR Excellence through technology award
at Asia's Best Employer Brand Awards 2012
These awards are hosted by Employer Branding Institute, World HRD
Congress & stars of the Industry Group. CMO Asia has been a
strategic partner & the awards are endorsed by Asian Confederation of
Businesses. These awards are presented to Individuals and
107
Organizations who have surpasses levels of excellence and set an
example of being a Role Model & Exemplary Leader. The objective at
core is benchmarking talent & HR practices.
BEST GENERAL INSURANCE COMPANY in INDIA by
International Alternative Investment Review (IAIR)
The event was organized by The Excellence in Global Economy (3rd
Edition), Hongkong on 22nd Feb'13. This award was based on an
independent survey and was analyzed considering the Leadership,
Innovative Services & ability to be responsive to the customers' needs
with a dynamic approach & a variety of products.
CONTACT US
Toll Free :1800 2001 999
Phone (UAN) :1860 2000 700 ( Local charges applicable )
Fax (UAN) : 1860 2000 600 ( Local charges applicable )
Email :[email protected]
Address :HDFC ERGO General Insurance Co. Ltd. 6th Floor, MBC Tower, Old no.90, New No. 199, Luz Church Road, Mylapore, Chennai - 600 004
FHPL Cardholders
Toll Free :1800 425 4075
Fax (UAN) : +91 44 3013 6747
108
Email : [email protected]
Address :Family Health Plan (TPA) Ltd. Srinilaya-Cyber Spazio Suite # 101,102,109 & 110, Ground Floor, Road No.2, Banjara Hills, Hyderabad - 500 034
109
3.4 AN OVERVIEW OF NATIONAL GENERAL INSURANCE
COMPANY
COMPANY PROFILE NIC is the oldest Insurance Company in India. Since incorporation in
the year 1906, NIC has been carrying on general insurance business under
private management until 1972, when its services were dedicated to the
nation by the General Insurance Nationalization Act. NIC started
functioning as a subsidiary of the General Corporation of India (GIC)
taking in its fold 22 foreign and 11 Indian Insurance Companies which
were amalgamated with it.
NATIONAL INSURANCE COMPANY LTD 1906 till 2013 …….
National Insurance Company (NIC) was incorporated on 6th
December 1906 at the height of the country’s nationalist Swadeshi
movement as an expression of the Indian aspiration to establish a strong
indigenous Company even in the midst of foreign rule. Today, 107 years
after its incorporation, NIC stands tall as the oldest insurance company in
India and the only PSU non life insurance Company headquartered in the
Eastern part of the country.
NIC has Strength of more than 15,000 skilled Human assets and
1340 offices including 373 Business Centers pan India. These Business
Centers have been successful in reaching general insurance to hitherto
unrepresented areas and segments across the country and stands as a model
platform for penetration of the Insurance market. The Company also has
operations in Nepal.
As the Market Leader in two zones(North & East India) NIC has
been recognized as “BEST IN SERVICE” in the MOTOR and HEALTH
classes of Business which constitute 63% of the Indian Non Life Insurance
Market.
IRDA REGISTRATION
110
IRDA Registration No. 125 dated 27.08.2002.
LOGO OF NATIONAL GENERAL INSURANCE
COMPANY
VISION
Leveraging technology to integrate people and processes
To excel in service and performance
To uphold the highest ethical standards in conducting our business
MISSION To be the most preferred choice of customers for General Insurance by
building relationships and grow profitably
BOARD OF DIRECTORS
Shri N S R Chandraprasad
Chairman-cum-Managing Director
111
Shri Kuldip Singh
General Manager & Executive Director
Shri A. V. Girija Kumar
General Manager & Executive Director
Shri Anurag Jain
Joint Secretary (IF), Ministry of Finance, Govt. of India
Shri Moti Lal Sharma
Part-time Non-official Director
112
Shri Amitav Kothari
Part-time Non-official Director
Shri Arun Kaul
CMD, UCO Bank
ABOUT INSURANCE PLANS 1. Householders Insurance
It is a packaged policy which provides a range of covers that are required for a common householder. Property valuation is done by multiplying the built up area of the property with the cost of construction per square feet. Insured has to get his household contents as per their market value and Electrical Items on replacement value. Even if you have rented your property you can cover the contents of the house against fire & allied perils, Burglary and/or housebreaking, hold-up, mechanical and electrical breakdown of appliance etc. Moreover if you are also looking to cover the structure of your building (home), we can provide you an additional policy of Standard Fire and Special Perils policy covering your building structure. This policy will additionally cover your building structure against loss due to fire and allied perils.
2. Individual personal Accident
Personal Accident Insurance policy provides your beneficiary with a death benefit in the unfortunate event of your accidental death and It also provides you with cover against Permanent Total Disablement (PTD) on account of an accident
113
3. Janata Personal Accident
JPA policy covers any person irrespective of sex, occupation and profession in the age group of 10 to 70 years for death and permanent total disablement and permanent partial disablement.
The policy is available for minimum sum insured of Rs.25.000/- per person per annum and the maximum sum insured is to be limited to Rs.1,00,000/- per person per annum.
The rate of premium is Rs.15 for a sum insured of Rs.25,000/-. The sum insured shall be increased in multiples of Rs.25,000 and premium is charged accordingly.
The policy is also available for pre-identified groups as listed by the scheme. In case of a group policy group discounts are available as per size of the group.
The policy is also available for a long term period up to 5 years
4. Gramin Suswasthya Microinsurance Policy
The policy is a micro-insurance product provides cover to lower income class of the society covering Hospitalization expenses of the entire family and Personal Accident cover to the insured and his/her spouse. This policy is having two sections: Section I covers hospitalization expenses on family floater basis and Section II covers Personal Accident and Outdoor Patient(OPD)expenses to the insured and spouse due to accident only.Any adult residing in India can take the policy covering himself / herself between the age of 3 months to 60 years
5. Gramin Suraksha Bima Policy
The policy is a micro-insurance product provides cover for bodily injury resulting solely and directly from accident caused by outward violent and visible means to the lower income group of the society. This policy has three sections. Section –I covers building and contents, Section –II covers hospitalization expenses of the family. Section –III provides Personal Accident cover to the insured and his/her spouse
6. Standard Fire and Special Perils
The Standard Fire and Special Perils Policy covers all properties on land (excluding cost of land), moveable or immoveable, at various locations against named perils. The Special Types of Policies are designed for Stocks (declaration and floater), Building, Plant &
114
Machinery keeping in mind the nature of property, proposers' requirements and basis of indemnification. The Long Term Policies available for Dwellings with suitable discounts in premium. The Policy can be extended to cover certain additional perils and expenses at additional premium. Certain perils can be deleted with discount in premium rates.
7. Shopkeepers Insurance
The Shopkeeper’s Insurance is a combination of eleven sections covering risks faced by shopkeepers/traders. The policy covers building, contents, money, pedal cycle, plate glass, signs, baggage, personal accident, fidelity guarantee, liability and business interruption. While Section IB and II are compulsory, the client should opt for two more from the other sections The shop Owners of Retail chain, Shopping Arcades & Complex, Shops/Showrooms, Dealers where the Sum Insured of the building and contents together does not exceed Rs. 2 crores may buy the policy
8. Overseas Mediclaim Business and Holiday
Overseas Mediclaim Policy is a package policy which covers travel emergencies when someone is travelling abroad. It is available for three categories of travellers- 1) Business & Holiday 2) Employment and Study 3) Corporate Frequent Traveller
9. Parivar Mediclaim
The Parivar Mediclaim policies are available for the entire family consisting of spouse, dependent two children and dependent parent up to 80 years of age and up to Rs 10 lac Sum Insured. Online policies are available up to 5 lacs.
10. Individual Mediclaim
The Individual Mediclaim policies are available up to 50 years of age and up to Rs 10 lac Sum Insured. Online policies are available up to 5 lacs.
11. Motor Cycle
Motor Insurance Contracts are subject to the basic principles applicable to property and liability insurance in general. The owner of the vehicle must be a registered owner to the vehicle whereby he or she stands to benefit by the safety of the vehicle, right, interest or
115
freedom from liability and stands to lose by any loss , damage , injury or creation of liability.
12. Private Car
Motor Insurance Contracts are subject to the basic principles applicable to property and liability insurance in general. The owner of the vehicle must be a registered owner to the vehicle whereby he or she stands to benefit by the safety of the vehicle, right, interest or freedom from liability and stands to lose by any loss , damage , injury or creation of liability
PAYMENTS OF PREMIUM
Payment of premium will be selected as per insurance plan. You can
pay premium by cash, by credit card/debit card or online also.
AWARDS NIC wins, The Best Insurance Company Award 2013.
CONTACT US Address: 3, Middleton Street, Prafulla Chandra Sen Sarani Kolkata, West Bengal, 700071. Telephone: 22831705 / 22831706, Fax: 22831712.
116
3.5 AN OVERVIEW OF ORIENTAL GENERAL
INSURANCE COMPANY
COMPANY PROFILE The Oriental Insurance Company Ltd was incorporated at
Bombay on 12th September 1947. The Company was a wholly owned
subsidiary of the Oriental Government Security Life Assurance Company
Ltd and was formed to carry out General Insurance business. The
Company was a subsidiary of Life Insurance Corporation of India from
1956 to 1973 ( till the General Insurance Business was nationalized in the
country). In 2003 all shares of our company held by the General Insurance
Corporation of India has been transferred to Central Government.
The Company is a pioneer in laying down systems for smooth and
orderly conduct of the business. The strength of the company lies in its
highly trained and motivated work force that covers various disciplines
and has vast expertise. Oriental specializes in devising special covers for
large projects like power plants, petrochemical, steel and chemical plants.
The company has developed various types of insurance covers to cater to
the needs of both the urban and rural population of India. The Company
has a highly technically qualified and competent team of professionals to
render the best customer service.
Oriental Insurance made a modest beginning with a first year
premium of Rs.99,946 in 1950. The goal of the Company was “Service to
clients” and achievement thereof was helped by the strong traditions built
up overtime.
ORIENTAL with its head Office at New Delhi has 30 Regional
Offices and nearly 900+ operating Offices in various cities of the country.
The Company has overseas operations in Nepal, Kuwait and Dubai. The
Company has a total strength of around 15,000+ employees. From less
than a lakh at inception, the Gross Premium went up to Rs.58 crores in
1973 and during 2010-11 the figure stood at a mammoth Rs. 5569.88
crores.
117
IRDA REGISTRATION IRDA Registration No. 125 dated 27.08.2002.
LOGO OF ORIENTAL GENERAL INSURANCE
COMPANY
VISSION
“TO BE THE MOST RESPECTED & PREFERRED NON-LIFE
INSURER IN THE MARKETS WE OPERATE”.
MISSION
To contribute to the socio economic objectives of the nation by being a
vibrant and viable organization catering to the growing insurance
needs of the community
Towards this end we will strive for effective management of business
operations.
VALUE Highest priority to customer needs.
High standards of public conduct.
Transparency in operations.
118
High standards of professional ethics
BOARD OF DIRECTORS
Chairman-Cum-Managing Director
Dr. A. K. Saxena
General Managers
S. K. Chanana
Niraj Kumar
N. K. Singh
K. K. Rao
P Senthilkumar
B.N.Prasad
A.K.Mittal
Sujay Banarji
Company Secretary
Rashmi Bajpai
ABOUT INSURANCE PLANS
Rural Insurance Policies 1. BHAGYASREE CHILD WELFARE POLICY
2. CATTLE INSURANCE
3. CYCLE RICKSHAW INSURANCE POLICY
4. DOG INSURANCE
5. FISH IN PONDS (EMBANKMENTS)
119
6. INSURANCE OF FISH IN PONDS
7. GRAMIN ACCIDENT INSURANCE
8. JANATA PERSONAL ACCIDENT POLICY
9. KHALIHAN INSURANCE PACKAGE POLICY
10. KISSAN AGRICULTURAL PUMPSET INSURANCE
11. KISSAN PACKAGE INSURANCE POLICY
12. POULTRY INSURANCE
13. RABBIT INSURANCE
14. PLANTATION/HORTICULTURE INSURANCE
15. RAJRAJESHWARI MAHILA KALYAN BIMA YOJNA (NEW)
16. SERICULTURE (SILKWORM) INSURANCE
17. TEA PLANTATION INSURANCE
18. UNIVERSAL HEALTH INSURANCE SCHEME
Popular Policies
1. PNB - Oriental Royal Mediclaim Policy
2. Motor Policies - Terms & Conditions
3. Comprehensive Health Insurance Scheme
4. Electronic Equipment Insurance Policy
5. Group Mediclaim Policy
6. Householders Insurance Policy
7. Individual Mediclaim Policy
8. Kissan Package Insurance
9. Motor Cycle Package Policy
10. Nagrik Suraksha Policy
11. Office Umbrella Policy
12. Oriental Bank Mediclaim Policy
13. Overseas Mediclaim Business and Holiday
14. Overseas Mediclaim Employment and Study
15. Pedal Cycle Insurance Policy
16. Personal Accident - Individual
17. Private Car Package Policy
18. Shopkeeper's Insurance Policy
19. Swasthya Bima Policy
20. Sweet Home Insurance Policy
120
21. Universal Health Insurance Scheme
PAYMENTS OF PREMIUM Payment of premium will be selected as per insurance plan. You can
pay premium by cash, by credit card/debit card or online also.
CONTACT US REGISTERED OFFICE
Oriental House, A-25/27, Asaf Ali Road, New Delhi - 110002. Phone No's :011-43659595, 23279221 - 25 (10 lines) Alternate number: 011- 33208485 (non toll free)
For any grievance or complaint, please write to - Mr. Masood Wahab, Chief Manager, Customer Service Department, Head Office, New Delhi. Contact details : For all query, guidance and complaints use our Toll free number:1800118485 . Email: For complaints/grievance related to insurance policy or claims: [email protected] For complaints/grievance related to online insurance policy: [email protected]
121
3.6 AN OVERVIEW OF RELIANCE GENERAL
INSURANCE COMPANY
COMPANY PROFILE Reliance General Insurance is one of the leading private general
insurance companies of India. We offer an exhaustive and customized
basket of insurance products that include motor, health, travel, student
travel insurance etc with over 94 customized insurance products catering
to the corporate, SME and individual customers. In our endeavour to
delight our customers, we strive to come up with innovative products like
India's first Over-The-Counter health & home insurance policies.
To pursue our belief in providing easy access to our customers and
distributors, we have 152 offices spread across 119 cities in 24 states.
Apart from this, we also provide easy access to our customers with our
dedicated 24x7 call centre, a transactional website, tie-ups through banks,
channel partners and brokers.
IRDA REGISTRATION IRDA Registration No. 103 dated 23.10.2000.
LOGO OF RELIANCE GENERAL INSURANCE
COMPANY
MISSION
Our Mission is to keep the customer satisfaction as focal point of all our operations, adopt the best international practices in underwriting, claims and customer service, be the most innovative in product development, establish presence all over India, ensure sustained value addition to all stake holders and to uphold Corporate Value & Corporate Governance.
122
VISION To be an insurer of World Standards and the most preferred choice for
clientele at the domestic and global level.
GOAL
Make affordable insurance accessible to all
Keep customer as focal point for all operations
Protect policy holders interests
Adopt best international practices in claims, underwriting and
policy servicing
Be the most innovative in product development
Establish Pan India presence
BOARD OF DIRECTORS
Mr. Debdatta Sengupta
Director
Mr. Debdatta Sengupta was the Chairman of General Insurance Corporation and prior to this was the CMD of New India Assurance. He has also been a director with the ICICI group.
Mr. H. Ansari
Director
Mr. H. Ansari was former Member (Non-life) of the Insurance Regulatory Development Authority (IRDA). He was Chair Professor (General Insurance) of National Insurance Academy, Pune, and has also worked as an Additional Director at Center for Insurance Studies, National Law University, Jodhpur.
Mr. Ansari is a Post-Graduate in Science and has over 40 years experience of the Insurance Industry. Prior to his appointment by the Government and subsequent Joining the Regulatory Authority in
123
March 1999, Mr. Ansari was working as Director and General Manager of "Oriental Insurance" Company at its Corporate Office in New Delhi.
Mr. Rajendra P. Chitale
Director
Mr. Rajendra P Chitale is an eminent Chartered Accountant, is the Managing Partner of M/s M.P.Chitale & Co. He is a Director on the Board of the National Stock Exchange of India (NSC) and other reputed companies. He is also a member of the Advisory Group on Derivatives and the Takeover Panel, Securities and Exchange Board of India as well as the Company Law Advisory Committee of the Government of India.
Mr. Soumen Ghosh
Director
Mr. Soumen Ghosh holds a BSC ( Hons) degree in Mechanical Engineering from the University of London (UK). He is also an Associate Chartered Accountant from the Institute of Chartered Accountants England & Wales. Mr. Ghosh has rich experience in the Insurance domain. Prior to joining Reliance ADA Group, Mr. Ghosh was associated with the Bajaj Allianz Group and was Director of various associate companies. He has also served as the CEO of Bajaj Allianz General Insurance and CEO & Country Manager of Bajaj Allianz Life Insurance.
Mr. Rakesh Jain
Executive Director & CEO
Mr. Rakesh Jain, a Chartered Accountant and Cost Accountant, has rich and varied work experience of over 17 years in leadership positions in corporate finance, risk management, underwriting, claims, broking and reinsurance functions etc. Prior to taking over the mantle of ED & CEO of Reliance General Insurance, he had worked in the capacity of
124
ABOUT INSURANCE PLANS 1. Reliance Student Travel Insurance Policy
2. Travel Insurance
3. Overseas Travel Insurance
4. Annual Multi Trip Insurance
5. Health Insurance
6. Critical Illness Insurance
7. Personal Accident
8. Home Insurance
9. Motor Insurance
Reliance Private Car Insurance Policy
Reliance Two Wheeler Insurance Policy
10. Insurance for Small And Medium Enterprises (SMEs)
Reliance Burglary and Housebreaking Insurance
Reliance Fire Insurance
Reliance Package Insurance
Reliance Marine Cargo Insurance
Reliance Group Mediclaim Insurance
Miscellaneous Insurance Policies for SMEs
PAYMENTS OF PREMIUM Payment of premium will be selected as per insurance plan. You can
pay premium by cash, by credit card/debit card or online also.
CONTACT US Registered Office:
Reliance Centre, 19 Walchand Hirachand Marg, Ballard Estate,
Mumbai - 400 001
Director - Corporate Centre & CFO at ICICI Lombard GIC Ltd. During his tenure at ICICI Lombard, he was conferred with 'Best CFO' award in the Financial Services Sector by the Institute of Chartered Accountants Of India.
125
3.7 AN OVERVIEW OF ROYAL SUNDARAM ALLIANCE
GENERAL INSURANCE COMPANY
COMPANY PROFILE
Royal Sundaram Alliance Insurance Company Limited takes pride to be
the first private sector general insurance company in India to be licensed
since 2001, Since then we have been at the forefront of providing
innovative general insurance solutions to individuals, families and
businesses. We offer Motor, Health, Personal Accident, Home and Travel
Insurance to individual customers. We also have a wide specialised
insurance offerings in Fire, Marine, Engineering, Liability and Business
Interruption risks to the commercial customers. Royal Sundaram also
offers specially designed products to the Small and Medium enterprises
and Rural customers.
Royal Sundaram's foundations are built on high value system of trust,
commitment and professionalism. We come with golden heritage and
reliability of our promoters - Sundaram Finance, one of the most respected
non-banking financial institution in India, and RSA, one of the oldest and
the second largest general insurer in the UK. The coming together of these
two financial giants allows us to offer the best global practices, innovation
of products and services and unmatched, personalized customer services.
Today, Royal Sundaram is a name to reckon within the insurance
market with the commitment it upholds for superior customer service
delivery. The testimony of this is, our Accident & Health claims process
received ISO 9001-2008 certification for effective customer service
delivery. Some of the other achievements to our credits are:
The First Insurer to introduce Cashless Mode of Settlement for Health
Claims
The First private insurer to introduce innovative Health products like
Hospital Cash
126
The First private Insurer to tie up with banks (affinity partners) for
selling retail products into their customers network
The First Insurer to partner with the top banks in the country and also
have a co-branded credit card
Preferred Insurer of leading automobile manufacturing companies
Currently, Royal Sundaram has over 5 million customers, over 1700
employees and its products are distributed in over 180 cities across India,
through Agents, Distribution Partners, Affinity Partners and Brokers.
OUR PARTNERS
About Sundaram Finance Sundaram Finance, a Non-Banking Finance Company, is one of the most respected financial services companies in India. It finances the entire range of commercial vehicles, passenger cars, construction equipment & tractors. The Group's operations also extend to Insurance, Asset Management, Home loans, Business Process outsourcing and Infotech Solutions. Sundaram Finance has a nationwide presence with over 500 branches and over half a million customers and depositors who are serviced by over 2500 employees. Sundaram Direct, its retail distribution arm offers multiple choices of various financial products like, loans, life & general insurance, mutual funds, deposits etc.,
to its customers through out India.
About RSA With a 300 year heritage, RSA is one of the world's leading multinational quoted insurance groups. It has the capability to write business in over 130 countries and major operations in the UK, Scandinavia, Canada, Ireland, Asia and the Middle East, Latin America and Central and Eastern Europe. Focusing on general insurance, it has around 23,000 employees and, in 2010, its net written premiums were £7.5 billion.
IRDA REGISTRATION
127
IRDA Registration No. 102 dated 23.10.2000.
LOGO OF ROYAL SUNDARAM ALLIANCE GENERAL
INSURANCE COMPANY
MISSION
To built on high value system of trust, commitment and
professionalism.
BOARD OF DIRECTORS
Chairman
Mr P.M.Venkatasubramanian
Directors
Mr S Viji Mr T T Srinivasaraghavan Mr S Prasad Mr M S Sundara Rajan Mr S Acharya Mr Paul Whittaker Mr Christopher John Colahan Mr Gareth Morgan Roberts Mr David Patrick Coughlan Mr Harsha Viji
Managing Director
Mr Ajay Bimbhet
128
ABOUT INSURANCE PLANS
1. HOME INSURANCE
2. HEALTH INSURANCE
3. TRAVEL INSURANCE
4. CAR INSURANCE
5. BUSINESS INSURANCE
6. INDIVIDUAL PERSONAL ACCIDENT
PAYMENTS OF PREMIUM Payment of premium will be selected as per insurance plan. You can
pay premium by cash, by credit card/debit card or online also.
CONTACT US CUSTOMER SERVICE
Call us at : 1860 425 0000 Email: [email protected] CORPORATE OFFICE ADDRESS Royal Sundaram Alliance Insurance Company Limited Sundaram Towers 45 & 46, Whites Road, Chennai 600 014 Tel:91-44-28517387 / 91-44-42227373
Fax:91-44-28462345
129
3.8 AN OVERVIEW OF TATA AIG GENERAL INSURANCE
COMPANY LIMITED
COMPANY PROFILE
Tata AIG General Insurance Company Limited (Tata AIG General) is a
joint venture company, formed by the Tata Group and American
International Group, Inc. (AIG). Tata AIG General combines the Tata
Group's pre-eminent leadership position in India and AIG's global
presence as the world's leading international insurance and financial
services organization. The Tata Group holds 74 per cent stake in the
insurance venture with AIG holding the balance 26 percent. Tata AIG
General Insurance Company, which started its operations in India on
January 22, 2001, provides insurance solutions to individuals and
corporate.
ABOUT TATA GROUP
The Tata Group companies operate in seven business sectors:
Communications and Information Technology, Engineering, Materials,
Services, Energy, Consumer Products and Chemicals. The Group was
founded by Jamsetji Tata in the mid 19th century, a period when India had
just set out on the road to gaining independence from British rule.
Consequently, Jamsetji Tata and those who followed him aligned business
opportunities with the objective of nation building. This approach remains
enshrined in the Group's ethos to this day.
The Tata Group is one of India's largest and most respected business
conglomerates, with revenues in 2007-08 of $ 62.5 billion (Rs. 251,543
crore). Tata companies together employ some 350,000 people. The
Group's 27 publicly listed enterprises have a combined market
capitalization of some $ 60 billion and a shareholder base of 3.2 million.
The major Tata Companies are Tata Steel, Tata Consultancy Services, Tata
Motors, Tata Chemicals, Tata Communications, Tata Power, Indian Hotels
and Tata Tea. The Tata Group has operations in more than 85 countries
130
across six continents, and its companies export products and services to 80
countries.
The Tata family of companies shares a set of five core values: integrity,
understanding, excellence, unity and responsibility. These values, which
have been part of the Group's beliefs and convictions from its earliest days,
continue to guide and drive the business decisions of Tata companies. The
Group and its enterprises have been steadfast and distinctive in their
adherence to business ethics and their commitment to corporate social
responsibility. This is a legacy that has earned the Group the trust of many
millions of stakeholders in a measure few business houses anywhere in the
world can match.
ABOUT AMERICAN INTERNATIONAL GROUP
American International Group, Inc. (AIG) is a leading international
insurance organization with operations in more than 130 countries and
jurisdictions. AIG companies serve commercial, institutional, and
individual customers through one of the most extensive worldwide
property-casualty networks of any insurer. In addition, AIG companies are
leading providers of life insurance and retirement services around the
world. AIG common stock is listed on the New York Stock Exchange, as
well as the stock exchanges in Ireland and Tokyo.
IRDA REGISTRATION IRDA Registration No. 108 dated 22.01.2001
LOGO OF TATA AIG GENERAL INSURANCE
COMPANY
131
MISSION To create unmatched value for our customers, employees, business
partners and shareholders by delivering remarkable service that is
consistent, fair and transparent.
VISION To be India's most preferred General Insurance Company.
BOARD OF DIRECTORS
K. K. Mishra - Chief Executive Officer and Director
Kalyan Gupta - National Head of Broking Relationship
Gaurav D. Garg - Advisor
Sheetal Kadam - Secretary of Broker Relations
ABOUT INSURANCE PLANS 1. TRAVEL INSURANCE
2. CAR INSURANCE
3. PERSONAL EXTENDED PROTECTION POLICY
4. RURAL INSURANCE
132
5. OFFICE INSURANCE
6. HOME INSURANCE
7. HEALTH INSURANCE
8. CORPORATE INSURANCE
PAYMENTS OF PREMIUM Payment of premium will be selected as per insurance plan. You can
pay premium by cash, by credit card/debit card or online also.
AWARDS
Celent Asia Insurance Award 2013
CNBC Awaaz Travel Awards 2012
133
Asia’s Best Employer Brand Awards 2012
CONTACT US
Registered Office:
Peninsula Business Park, Tower A, 15th Floor, Ganpatrao Kadam
Marg, Off Senapati Bapat Marg, Lower Parel, Mumbai – 400 013,
Maharashtra, India
134
3.9 AN OVERVIEW OF THE NEW INDIA ASSURANCE
COMPANY
COMPANY PROFILE
Established by Sir Dorab Tata in 1919, New India is the first wholly Indian
owned insurance company in India.
New India is a pioneer among the Indian Companies on various fronts,
right from insuring the first domestic airlines in 1946 to satellite insurance
in 1980.
With a wide range of policies New India has become one of the largest
non-life insurance companies, not only in India, but also in the Afro-Asian
region.
IRDA REGISTRATION IRDA Registration No. 190
LOGO OF THE NEW INDIA ASSURANCE COMPANY
MISSION
To be the most respected, trusted and preferred Non-life Insurer in the
Global markets we operate.
VISION
135
To develop General Insurance Business in the best interest of the
community.
To provide Financial Security to Individuals, Trade, Commerce &
all other segments of the Society by offering Insurance products &
Services of High Quality at affordable Cost.
VALUE
Highest priority to Customers needs High standards of Public Conduct Transparency in operations
CULTURE
Courtesy and Caring Initiatives and Innovation Integrity, Trustworthiness and Reliability
BOARD OF DIRECTORS
Shri G. Srinivasan
Chairman cum Managing Director
Shri Arvind Kumar
IAS,Government Nominee Director.
136
Smt V. R. Iyer
Director
Shri Sundaresan Ganapathi Subramanian,
Part Time Non Official Director
Shri Prakash Bakliwal,
Part Time Non Official Director
Shri Salamat Ullah,
Part Time Non Official Director
Shri A. R. Sekar
General Manager and Director
137
Shri K Sanath Kumar
General Manager and Whole-Time Director
ABOUT INSURANCE PLANS Personal Insurance
Mediclaim 2012 Policy
Pravasi Bharatiya Bima Yojana Policy (418 KB)
Mediclaim 2007 Policy
Family Floater Mediclaim Policy
Janata Mediclaim Policy
Senior Citizen Mediclaim Policy
Personal Accident Policy
Overseas Mediclaim Policy
Householder's Policy
Motor Policy
Money Insurance
Rasta Apatti Kavach (Road Safety Insurance)
Suhana Safar Policy
TV/VCR/VCP Insurance
Mobile/Cellular Phone Insurance
Other Personal Insurance
138
Group Mediclaim Policy
Union Health Care Policy
Commercial Insurance
Jewellers Block Policy
Bankers Indemnity Policy
Shopkeeper's Policy
Marine Cargo Policy
Plate Glass Insurance
Special Contigency Policy
Neon Sign Insurance
Multi Peril Policy for L.P.G. Dealers
Fidelity Guarantee Insurance Policy
Marine Hull Policy
Aviation Insurance
Industrial Insurance
Fire Policy
Burglary Policy
Machinery Breakdown Policy
Electronics Equipment Policy
Consequential Loss Policy
Contractors All Risk Policy
Marine cum Erection / Storage cum Erection Policy
Advanced Loss of Profit / Delay in Startup Policy
Contractor Plant and Machinery Policy
Mega Package Policies
Liability Insurance
Public Liability Policy
Products Liability Policy
Professional Indemnity Policy
139
Directors and Officers Liability Policy
Lift (Third Party) Insurance
Employers' Liability Policy
Carrier's Liability Insurance
Liability Insurance Act Policy
Golfers Indemnity Insurance
Social Insurance
Universal Health Insurance Scheme for BPL families
Universal Health Insurance Scheme for APL families
Jan Arogya Bima Policy
Raj Rajeshwari Mahila Kalyan Yojana
Bhagyashree Child Welfare Policy
Janata Personal Accident Insurance
Student Safety Insurance
Ashrya Bima Yojana
Rural Insurance
PAYMENTS OF PREMIUM Payment of premium will be selected as per insurance plan. You can
pay premium by cash, by credit card/debit card or online also.
AWARDS
140
CONTACT US The New India Assurance Co. LTD.
87, M.G. Road, Fort,
Mumbai 400 001.
141
3.10 AN OVERVIEW OF UNITED INDIA GENERAL
INSURANCE COMPANY
COMPANY PROFILE
United India Insurance Company Limited was incorporated as a Company
on 18th February 1938. General Insurance Business in India was
nationalized in 1972. 12 Indian Insurance Companies, 4 Cooperative
Insurance Societies and Indian operations of 5 Foreign Insurers, besides
General Insurance operations of southern region of Life Insurance
Corporation of India were merged with United India Insurance Company
Limited. After Nationalization United India has grown by leaps and
bounds and has 18300 work force spread across 1340 offices providing
insurance cover to more than 1 Crore policy holders. The Company has
variety of insurance products to provide insurance cover from bullock carts
to satellites.
United India has been in the forefront of designing and implementing
complex covers to large customers, as in cases of ONGC Ltd , GMR-
Hyderabad International Airport Ltd, Mumbai International Airport Ltd
Tirumala-Tirupati Devasthanam etc. We have been also the pioneer in
taking Insurance to rural masses with large level implementation of
Universal Health Insurance Programme of Government of India & Vijaya
Raji Janani Kalyan Yojana ( covering 45 lakhs women in the state of
Madhya Pradesh) , Tsunami Jan Bima Yojana (in 4 states covering 4.59
lakhs of families) , National Livestock Insurance and many such schemes.
We have also made our presence in more than 200 tier II & III towns and
villages through our innovative Micro Offices.
IRDA REGISTRATION IRDA Registration No. 108 dated 22.01.2001
LOGO OF UNITED INDIA GENERAL INSURANCE
COMPANY
142
MISSION
To provide Insurance protection to all.
To ensure customer satisfaction
To function on sound business principles.
To help minimize national waste and to help develop the Indian
economy.
VISION
To become the most preferred insurer in India, with global footprint
and recognition.
To become a trusted brand admired by all stakeholders.
To become the best-in-class customer service provider leveraging
technology and multiple channels.
To become the provider of a broad range of innovative products to
meet the needs of all customer segments.
To be a great place to work, with highly motivated and empowered
employees.
To be recognized for its contribution to the Society.
BOARD OF DIRECTORS
Shri Milind A Kharat Chairman cum Managing Director
Smt Priya Kumar Director Department of Financial services Govt of India
Shri T M Bhasin Chairman cum Managing Director Indian Bank
Shri A Thrivikraman Thampi
143
Director Shri S. Surenther
Director & General Manager Smt Asha Nair
Director & General Manager
ABOUT INSURANCE PLANS 1. FIRE INSURANCE
2. MARINE INSURANCE
3. HEALTH INSURANCE
4. MOTOR INSURANCE
5. INDUSTRIAL INSURANCE
6. LIABILITY INSURANCE
7. MISCALLENIOUS INSURANCE
8. MICRO INSURANCE
9. CREDIT INSURANCE
PAYMENTS OF PREMIUM Payment of premium will be selected as per insurance plan. You can
pay premium by cash, by credit card/debit card or online also.
AWARDS United India wins Skoch Award 2013 for Crop Insurance Portal
CONTACT US
Registered & Head Office United India Insurance Co. Ltd. 24, Whites Road, Chennai - 600014 Ph :91-044-28520161
Corporate Learning Centre 'NALANDA' Corporate Learning Centre. United India Insurance Co. Ltd. No.19, IV Lane(Beside M.O.P Vaishnav College) Nungambakkam High Road Chennai – 600 034, Tamil Nadu, India Ph : 91-044- 28332220/ 28330421
144
3.11 REFERENCES
WEBSITE
1. www.irda.com
2. www.gic.com
3. www. Bajajallianz.com
4. www. cholainsurance.com
5. www.hdfcergo.com
6. www.nationalinsuranceindia.com
7. www.orientalinsurance.org.in
8. www.reliancegeneral.co.in
9. www.royalsundaram.in
10. www.tataaiginsurance.in
11. www.newindia.co.in
12. www.uiic.co.in